Cheniere Energy (LNG) announced that it has submitted a proposal to the board of directors of Cheniere Energy Partners LP Holdings (CQH) to acquire the publicly held shares of Cheniere Partners Holdings not already owned by Cheniere in a stock for stock exchange. Subject to negotiation and execution of a definitive agreement, Cheniere is proposing consideration of 0.4500 Cheniere shares for each outstanding publicly-held share of Cheniere Partners Holdings as part of a transaction that would be structured as a merger of Cheniere Partners Holdings with a wholly-owned subsidiary of Cheniere. The proposed consideration represents a value of $28.24 per common share of Cheniere Partners Holdings based on the closing price of Cheniere's shares as of May 16, 2018. The proposed transaction is expected to be a tax-free exchange to Cheniere Partners Holdings' shareholders. The proposed transaction is subject to the negotiation and execution of a definitive agreement and approval of such definitive agreement and transactions contemplated thereunder by the board of directors of Cheniere, the board of directors of Cheniere Partners Holdings, and a conflicts committee established by the board of directors of Cheniere Partners Holdings, and the consummation of the proposed transaction would be subject to customary closing conditions. There can be no assurance that any such approvals will be forthcoming, that a definitive agreement will be executed, or that any transaction will be consummated.

As previously reported, Bernstein analyst Jean Ann Salisbury upgraded Cheniere Energy to Outperform from Market Perform as lower gas price drives better margins on marketing, and an improved discount rate as US LNG should be the lowest cost supply and thus unlikely to be reneged on. The analyst also raised her price target on the shares to $63 from $55.

03/26/18

BERN

03/26/18UPGRADEBERNOutperform

Cheniere Energy upgraded to Outperform from Market Perform at Bernstein

03/15/18

03/15/18INITIATION

On The Fly: Top five analyst initiations

Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Radian Group (RDN) initiated with a Neutral at Macquarie. 2. Cheniere Energy (LNG) initiated with a Buy at BofA/Merrill. 3. Avid Bioservices (CDMO) initiated with an Outperform at Wells Fargo. 4. Quintana Energy Services (QES) initiated with an Overweight at Capital One. 5. II-VI (IIVI) initiated with a Buy at DA Davidson. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

03/15/18

BOFA

03/15/18INITIATIONTarget $60BOFABuy

Cheniere Energy initiated with a Buy at BofA/Merrill

BofA/Merrill analyst Julien Dumoulin-Smith initiated Cheniere Energy with a Buy and $60 price target. The analyst expects revenue growth to continue as trains currently under construction come into operation over the next few years and the value proposition to improve as execution and construction risks decline.

CQHCheniere Energy Partners LP

$28.01

0.1 (0.36%)

05/15/18

JPMS

05/15/18DOWNGRADETarget $31JPMSNeutral

Cheniere Energy Partners downgraded to Neutral from Overweight at JPMorgan